ShopNEXT partners with Visa to create a loyalty platform for cardholders
Web3 based loyalty platform ShopNEXT announced a new strategic partnership with global card issuer and payment processor Visa to create Shop-to-Earn, a rewards platform.
The new platform includes rewards developed on blockchain technology, gamification and NFTs and any Visa cardholder will be able to earn token rewards by making purchases and even increase their rewards through integrated gameplay and NFT cards. The loyalty program is expected to help millions of merchants grow their businesses and help bring the latest Web3 technology to as many people as possible.
How it works?
The latest Visa offers platform comes with card-linked functionality that allows users to connect their Visa card to the ShopNEXT app. Once synced, the VisaNet electronic payment network allows the app to track card payment transactions and grant instant rewards in the form of tokens.
According to Visa officials, as more consumers shop online, they develop new digital tastes and are willing to try alternative rewards and loyalty programs, based on blockchain technology and NFTs. The partnership between the two companies will help consumers shop smarter and get more for their money. At the same time, they will benefit from Visa’s expertise in secure payments and earn limited edition rewards, including NFTs.
Why are loyalty programs important?
As consumers benefit from a wider range of payment methods, sticking to credit cards is a personal choice. And, while offering greater payment security, credit cards are also popular due to their issuers’ cash-back programs. In fact, recent research in the field has found that among the most important factors influencing consumers to use their credit cards at checkout, rewards programs are ranked second in importance and trailed only by ease and convenience of use.
More than half of consumers say rewards programs are an important factor to consider when deciding which credit card to use, while a quarter said loyalty programs are the most important criteria on on which they base their credit card preference.
The startup’s Web3 loyalty platform supports thousands of merchants around the world that accept Visa card payments, including property rental apps like Booking and major retailers like Adidas and Nike. Its buy-to-win model enhances the overall shopping experience by allowing customers to upgrade their membership and enjoy exclusive benefits, buy NFTs, increase their NFT cards and save on the interests.